The GlobalData report also shows the APAC region's solar PV installed capacity is expected to increase over the coming years, from 19.6 GW in 2012 to 420.6 GW by 2030, at a CAGR of 18.6%. In 2013, China and Japan led the region with a combined total of 77% of its solar PV installed capacity.

“Governments in the region are promoting solar PV through various long-terms policies, financial incentives, subsidies and tax benefits," said Prasad Tanikella, GlobalData’s senior analyst covering alternative energy, "The strong commitment from APAC’s countries towards the development of solar energy has led to many research and development initiatives and increased solar power plant installations, which will drive future market growth.”

APAC is also the world leader for solar energy systems manufacturing, with Japan, China and Taiwan being three of the largest solar PV cell producers.  “With favorable conditions contributing to a thriving manufacturing industry, China continued to be the world’s largest manufacturer of solar modules for the sixth consecutive year in 2013," Tanikella added.